Capital and Time in Ecological Economics

Malte Faber, Professor Emeritus of Economics, University of Heidelberg, Germany, John Proops, formerly Professor of Ecological Economics, School of Politics, International Relations and the Environment, Keele University, UK and Stefan Speck, Project Manager, European Environment Agency (EEA) Denmark, with Frank Jöst, Assistant, Alfred Weber Institute, University of Heidelberg, Germany

• Contents: Preface Part I: Introduction and History 1. The Nature of the Approach 2. Historical Background to Neo-Austrian Capital Theory Part II: The Neo-Austrian Approach 3. Neo-Austrian Capital Theory: The 3-Sector, 2-Period Model 4. Extending the Time Horizon Part III: Extensions to the Neo-Austrian Approach 5. The Innovation of Techniques and the Time Horizon 6. A Comparison Between Neoclassical and Neo-Austrian Growth Models Part IV: Introducing the Environment into the Neo-Austrian Model 7. National Accounting, Time and the Environment 8. Natural Resource Rents and Economic Dynamics 9. Climate Change and Economic Development Part V: Further Neo-Austrian Environmental Models 10. A Neo-Austrian Model with Pollution and Resources 11. Introducing Recycling into the Neo-Austrian Model 12. The Iron and Steel Industry: A Neo-Austrian Interpretation References Index

'This book is a wonderfully clear presentation of Neo-Austrian capital theory with extensions to economies which use natural resources, which emit pollution, and which have recycling possibilities. It will be of interest to economists interested in capital theory and to environmental economists interested in finding non-neoclassical tools with which to analyze environmental problems. . . Overall, this volume represents an excellent introduction to neo-Austrian capital theory, an ambitious attempt to incorporate environmental degradation and natural resource depletion into a neo-Austrian model, and a strong argument for considering activity analysis instead of smooth production functions in both theoretical and applied economics.'